PENN Entertainment, Inc. (NASDAQ:PENN) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of PENN Entertainment, Inc. (NASDAQ:PENN) have earned a consensus recommendation of “Hold” from the seventeen research firms that are presently covering the firm, MarketBeat Ratings reports. Nine equities research analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $23.83.

A number of research firms have weighed in on PENN. Morgan Stanley increased their target price on shares of PENN Entertainment from $20.00 to $21.00 and gave the company an “equal weight” rating in a research report on Friday, July 12th. Mizuho lifted their target price on shares of PENN Entertainment from $29.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, May 3rd. Stifel Nicolaus boosted their target price on shares of PENN Entertainment from $19.00 to $20.00 and gave the company a “hold” rating in a report on Friday, August 9th. Benchmark reiterated a “hold” rating on shares of PENN Entertainment in a report on Friday, May 3rd. Finally, Macquarie reissued an “outperform” rating and issued a $26.00 price objective on shares of PENN Entertainment in a research report on Friday, August 9th.

Insider Buying and Selling at PENN Entertainment

In other PENN Entertainment news, Director David A. Handler acquired 40,000 shares of PENN Entertainment stock in a transaction dated Wednesday, May 29th. The stock was purchased at an average cost of $14.94 per share, for a total transaction of $597,600.00. Following the completion of the acquisition, the director now directly owns 283,450 shares of the company’s stock, valued at $4,234,743. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.19% of the company’s stock.

Institutional Trading of PENN Entertainment

Several institutional investors and hedge funds have recently modified their holdings of PENN. Norges Bank bought a new stake in PENN Entertainment during the fourth quarter worth $42,758,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of PENN Entertainment by 4,624.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,456,094 shares of the company’s stock valued at $28,183,000 after purchasing an additional 1,425,274 shares during the last quarter. Armistice Capital LLC raised its holdings in shares of PENN Entertainment by 91.9% in the second quarter. Armistice Capital LLC now owns 2,643,060 shares of the company’s stock valued at $51,156,000 after purchasing an additional 1,266,023 shares during the last quarter. ING Groep NV bought a new position in shares of PENN Entertainment during the fourth quarter valued at about $32,556,000. Finally, Invenomic Capital Management LP boosted its holdings in PENN Entertainment by 71.9% during the first quarter. Invenomic Capital Management LP now owns 1,884,284 shares of the company’s stock worth $34,313,000 after purchasing an additional 787,968 shares during the last quarter. 91.69% of the stock is owned by hedge funds and other institutional investors.

PENN Entertainment Stock Performance

Shares of PENN Entertainment stock opened at $19.57 on Friday. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of -2.63 and a beta of 2.11. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 2.35. PENN Entertainment has a twelve month low of $13.50 and a twelve month high of $27.20. The company’s fifty day moving average is $19.06 and its 200 day moving average is $18.06.

PENN Entertainment (NASDAQ:PENN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.09. PENN Entertainment had a negative return on equity of 7.13% and a negative net margin of 19.48%. The firm had revenue of $1.66 billion for the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the company posted $0.48 EPS. The business’s revenue was down .7% on a year-over-year basis. Sell-side analysts forecast that PENN Entertainment will post -1.32 EPS for the current year.

About PENN Entertainment

PENN Entertainment, Inc, together with its subsidiaries, provides integrated entertainment, sports content, and casino gaming experiences. The company operates through five segments: Northeast, South, West, Midwest, and Interactive. It operates online sports betting in various jurisdictions; and iCasino under Hollywood Casino, L'Auberge, ESPN BET, and theScore Bet Sportsbook and Casino brands.